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DAUPHIN DEPOSIT CORPORATION REPORTS THIRD QUARTER, NINE MONTH EARNINGS

 HARRISBURG, Pa., Oct. 14 /PRNewswire/ -- Dauphin Deposit Corporation (NASDAQ: DAPN) today announced today announced net income of $16,243,000 for the third quarter ended Sept. 30, 1993, compared with $14,230,000 in 1992.
 Net income per share for the third quarter of 1993 amounted to $.54, compared with $.47 per share for that period in 1992, an increase of 14.9 percent.
 Net income for the nine months ended Sept. 30, 1993, was $49,417,000, up from $42,936,000 for the comparable period of 1992. Net income per share increased 13.8 percent for the nine months to $1.65 from $1.45 in 1992.
 The corporation's total assets at Sept. 30, 1993, were $4,560,710,000, compared with $4,402,922,000 at that time in 1992. Deposits totalled $3,206,701,000, compared with $3,336,947,000 at September 30, 1992. Total loans at September 30, 1993 were $2,300,411,000, compared with $2,207,308,000 a year earlier.
 Financial data has been restated for the prior year to reflect the two-for-one stock split paid Dec. 4, 1992, and to reflect the adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" and Statement of Financial Accounting Standards No. 106 "Employers' Accounting for Postretirement Benefits Other Than Pensions".
 Commenting on the results, William J. King, chairman of the board and chief executive officer said, "We are pleased with our strong performance which can be attributed, in part, to our continued control of non-interest expenses and by sustaining favorable net interest margins. Loan growth continued to improve in both the commercial and retail areas, and our asset quality remained very good."
 Dauphin Deposit Corporation, headquartered in Harrisburg, is the parent company of Dauphin Deposit Bank and Trust Company, which includes the Bank of Pennsylvania Division, and Farmers Bank and Trust Company of
Hanover. Other subsidiaries of the Corporation are: Farmers Bank, a


Federal Savings Bank; Hopper Soliday & Co., Inc.; Dauphin Life Insurance Company; Dauphin Investment Company; Farmers Mortgage Corporation; Financial Realty, Inc.; and FARMCO Realty, Inc.
 DAUPHIN DEPOSIT CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (Unaudited; in thousands)
 Sept. 30,
 1993 1992
 ASSETS
 Cash and due from banks $ 150,721 $ 135,180
 Short-term investments 9,032 7,033
 Investment securities 1,942,531 1,929,518
 Assets held for sale 44,516 6,751
 Loans 2,300,411 2,207,308
 Allowance for loan losses (35,316) (32,204)
 Other assets 148,815 149,336
 Total assets $4,560,710 $4,402,922
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits $3,206,701 $3,336,947
 Short-term borrowings 745,421 495,120
 Long-term debt 92,473 93,311
 Accrued expenses and taxes 51,802 56,132
 Total liabilities 4,096,397 3,981,510
 Stockholders' equity
 Common stock 150,205 74,991
 Surplus 18,449 92,559
 Retained earnings 297,814 257,950
 Treasury stock, at cost (2,155) (4,088)
 Total stockholders' equity 464,313 421,412
 Total liabilities and
 stockholders' equity $4,560,710 $4,402,922
 Condensed Consolidated Statements of Income
 (Unaudited; dollars in thousands, except per share data)
 Periods ended Three Months Nine Months
 Sept. 30 1993 1992 1993 1992
 Interest income $ 76,242 $ 79,475 $227,718 $244,254
 Interest expense 34,981 41,490 105,789 130,017
 Net interest income 41,261 37,985 121,929 114,237
 Provision for loan losses 2,287 3,088 7,066 7,466
 Net interest income after
 provision for loan losses 38,974 34,897 114,863 106,771
 Non-interest income 13,403 13,310 42,492 41,059
 Non-interest expense 30,690 29,837 91,917 91,815
 Income before income taxes 21,687 18,370 65,438 56,015
 Provision for income taxes 5,444 4,140 16,021 13,079
 Net income $ 16,243 $ 14,230 $ 49,417 $ 42,936
 Net income per share $.54 $.47 $1.65 $1.45
 Weighted average number of
 shares outstanding 30,074,125 29,860,246 30,020,564 29,553,384
 /delval/
 -0- 10/14/93
 /CONTACT: N. Bruce Pinto, vice president, of Dauphin Deposit, 717-255-2066/
 (DAPN)


CO: Dauphin Deposit Corporation ST: Pennsylvania IN: FIN SU: ERN

CC -- PH017 -- 2246 10/14/93 12:37 EDT
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Date:Oct 14, 1993
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